Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

LGO Energy: Corporate & Operational Update = “We are fucked and we know it”

By Tom Winnifrith, The Sheriff of AIM

3 November 2015 05:35

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David “I love the smell of newly issued confetti in the morning” Lenigas may no longer sit on the board of LGO Energy (LGO) having ducked out ahead of the shit hitting the fan, but the curse of Big Dave cannot be escaped. Today’s statement from LGO is a disaster and this is now officially another Lenigas car crash.

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Comments

johng

3 November 2015, 05:54

brilliant article.. as usual.
BobbyChariot

3 November 2015, 06:16

Big Dave’s hired a speedboat from Havana to Trinidad to see whats going on over there.

http://bit.ly/1GJmZbm
wildrides

3 November 2015, 07:27

More crap from you as usual ……………….. cant you read :-

“Nevertheless, in line with the terms of the banking facility, payments under the pre-paid swap arrangements with the Bank continue to be made as initially planned.”

As I said ……… a technical breach ……… the loan repayments have been paid and your assertion that I was talking “bollocks” and that there is “no such thing as technical breaches” ……. You were wrong . The bank will ignore the technical breach as long as loan repayments are being met . There is no foreclosure . There is no new news in the rest of the statement . The share price has not collapsed ……… it has settled back to where it was when the news was first announced . You dont know the cash burn and there is no statement regarding cash not covering operational matters ……… you made that up . The company is producing 900 bopd . It is making changes to adapt to the low oil price . It will not go bust . The share price will not go to zero although it may fall lower before recovery is enabled . Del Boy Lemon Gas is not a director or manager of the company therefore your personal vendetta is mis directed . Things are difficult for many oil producers at present and LGO is but one of many of those .